Ann: GENERAL: NZX: Annual NZX Listed Issuer Forum

• Release Date: 11/09/14 11:32
• Summary: GENERAL: NZX: Annual NZX Listed Issuer Forum
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					NZX
11/09/2014 11:32
GENERAL

REL: 1132 HRS NZX Limited

GENERAL: NZX: Annual NZX Listed Issuer Forum

NZX held its annual Listed Issuer Forum in Auckland yesterday, attended by a
record number of senior executives from listed companies. Around 110 people
from some 70 listed issuers attended the event.

Topics covered included:

- NZX Update: presented by Tim Bennett, NZX CEO; and Joost van Amelsfort, NZX
Head of Market Supervision

- Leading Investor Relations: presented by Julie Chadwick, Corporate
Communications Manager, Comvita Limited; and Fraser Gardiner, Head of
Investor Relations, Contact Energy Limited. Comvita and Contact were winners
of the 2014 INFINZ Best Communicator Awards

- Same class offers, a new approach to raising quoted equity or debt under
the Financial Markets Conduct Act: presented by Tim Tubman and Ross
Pennington, Partners, Chapman Tripp

- Life as a Non-Executive Director in the 21st Century: presented by Joan
Withers, Chair, Mighty River Power Limited; Deputy Chair, Television New
Zealand Limited; Director ANZ Bank New Zealand Limited; Trustee, Tindall
Foundation; and Trustee, Louise Perkins Foundation

In his speech, Tim Bennett spoke about the fact that New Zealand's capital
markets have entered a new era: "We now have a much more diverse marketplace
than we did two years ago, which will continue to grow and further diversify
in years to come."

"Growth in our markets is being driven by KiwiSaver, which continues to grow
strongly, with $3.5 billion in net funds inflow to 30 June 2014 and total
funds under management now $21.8 billion. It is interesting to note that when
compulsory superannuation was first launched in Australia, market
capitalisation to GDP in Australia was under 50% and now this is around 110%.
Comparatively, NZX's market capitalisation to GDP is currently around 40%,
illustrating the scope for potential future growth.

"The establishment phase for the Financial Markets Conduct Act, which is a
key enabler for the markets, is now complete and the focus is shifting from
the past to what the future will look like. There are two key features of the
Act relating to NZX's markets: same class issuance, which for listed
businesses, significantly lowers the cost of raising additional capital, and
the ability to create a range of new market places."

"On that front, NZX is working towards the launch of the NXT market which is
a new market that will have a different disclosure regime for smaller, high
growth companies across a range of different sectors. The FMC Act also allows
for crowd funding which has seen some early success."

"We have an extremely vibrant IPO market. Since the beginning of 2012 we have
listed 24 new businesses, with $6.6 billion new capital raised. These funds
have been used, in the case of the Government share offers, to reinvest in
schools and hospitals, and in other cases, to fund the future growth of
businesses."

"We are seeing a diverse range of businesses listing: from agriculture to
software as a service companies; from those with a domestic bias to others
with globally focused strategies, and businesses with different return
profiles; from early stage growth to mature, high yielding businesses. The
profile of investors is unchanged with 25% domestic retail, 35% domestic
institutions and 40% offshore institutions."

"NZX, like others in the market, needs to evolve with these changing times,
and on this front we have made some significant changes across the business.
We have improved our governance of the regulatory function through the
introduction of the Regulatory Governance Committee, increased resourcing in
the regulation, and we are focused on improving communication around how NZX,
NZMDT and the FMA regulate the markets."

For further information please contact:
Kate McLaughlin
Corporate Communications
M: 027 533 4529
T: 09 309 3654
E: [email protected]
End CA:00255130 For:NZX    Type:GENERAL    Time:2014-09-11 11:32:29